Voda Idea surges 7%; board to consider proposal to raise funds today

Gordon B. Johnson

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Shares of Vodafone Idea (Vi) surged 7 per cent to Rs 11.17 on the BSE in Thursday’s intra-working day trade in an otherwise slippery market place in advance of the board conference nowadays to look at fund boosting. The stock of telecom products and services service provider quoted bigger for the fourth straight working day, and has rallied 16 for every cent all through the period. The inventory experienced strike a 52-7 days large of Rs 16.79 on December 10, 2021.

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At 01:50 pm Vi traded 6 for every cent bigger at Rs 11.02, as in comparison to .14 for each cent drop on the S&P BSE Sensex. A blended 324 million fairness shares improved hands at the counter on the NSE and BSE.&#13
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On Friday, February 25, 2022, Vi informed the stock exchanges that the conference of the board of administrators of the business is scheduled on March 3, 2022 to contemplate and approve proposals for boosting of resources.

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The corporation stated the board will examine any and all proposals for elevating of cash in a single or much more tranches by way of preferential allotment, non-public placement, like a certified establishments placement or as a result of any other permissible mode and / or combination thereof as may be regarded proper.

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Previous week, the Vodafone Team (Vodafone) sold a 2.4 for every cent stake in Indus Towers via a block deal, boosting Rs 1,442 crore. It will also sell one more 4.7 for every cent stake to Bharti Airtel in the Tower unit. The proceeds from these gross sales are established to be infused into Vi.

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Vodafone and the Aditya Birla Group (ABG), the promoters of Vi, are fully commited to aid Vi in its efforts to reinforce its equilibrium sheet. The to start with step in this system incorporated the conversion of US $2.1bn of AGR and spectrum fascination into equity, which will make the Indian Governing administration the greatest shareholder of Vi.

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Vodafone and ABG intend to lead towards an situation of equity shares by Vi after the terms of these kinds of a funds elevate have been evaluated and made a decision by the board of administrators of Vi, Vodafone claimed on February 23.

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